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RealTime IT News

Techs, Nets Bounce Back

Technology and Internet stocks bounced back from a steep opening plunge on Friday after former Fed official Alice Rivlin said she expects a half-point rate cut from the Fed next week.

The ISDEX http://www.wsrn.com/apps/ISDEX/ rose 1 to 426 after trading as low as 409, and the Nasdaq finished up 26 to 2781 after trading as low as 2686. The S&P 500 slipped 2 to 1354, and the Dow lost 66 to 10,662. Volume declined to 1.1 billion shares on the NYSE, but rose to 2.3 billion on the Nasdaq. Decliners led 14 to 13 on the NYSE, and by a handful of issues on the Nasdaq. The Federal Reserve meets next Tuesday and Wednesday. For earnings reports, visit our earnings calendar at http://www.wsrn.com/apps/earnings/internet.xpl and reported earnings at http://www.wsrn.com/apps/earnings/ireported.xpl. For after hours quotes and news, visit our after hours trading site at http://www.afterhourstrading.com.

PMC Sierra plunged 22 to 74 after guiding first-quarter sales sharply lower. The warning weighed on Cisco , down 15/16 to 38 3/8, a big PMCS customer. Broadcom rose 5 15/16 to 109 15/16 after trading as low as 95, but is still off 30 points in two days.

JDS Uniphase , up 4 3/8 to 58 9/16, beat estimates but lowered forward guidance. Qualcomm , up 7 1/4 to 81 3/16, also topped estimates.

Art Technology soared 9 7/8 to 34 7/8 after beating estimates and raising forward guidance. But competitor BroadVision fell 13/16 to 14 1/16 after missing estimates. E.piphany , up 3 1/4 to 39 1/2, also beat estimates.

Looksmart , off 9/64 to 3 13/32, missed its numbers. Sapient , down 1/4 to 16 3/8, met estimates. Excite@Home , down 1 1/16 to 6 15/32, met estimates but warned about future results.

SonicWall , up 2 1/8 to 20, beat estimates, but better than expected numbers didn't help Blue Martini , which slipped 1 7/16 to 10 1/16. Corvis , down 3 1/16 to 20 7/16, met estimates.

Homestore.com surged 3 3/16 to 32 3/8 after beating estimates and raising forward guidance. eToys , down 1/16 to 7/32, missed estimates. Egghead.com slipped 1/32 to 1 3/16 after warning of lower than expected revenues.

Packeteer , up 4 1/2 to 17 1/2, met estimates with 2-cent earnings. Cobalt , off 1 to 4, issued an earnings warning. Neoforma rose 3/16 to 1 11/16 despite issuing an earnings warning.

Netegrity surged 9 3/8 to 57 9/16 after beating estimates. Globix slipped 3/8 to 6 9/16 despite topping estimates. Speechworx fell 3 15/16 to 38 despite beating estimates. BackWeb slipped 3/8 to 6 9/16 despite topping estimates. IntraNet Solutions tacked on 1 3/8 to 44 3/4 after beating estimates.

Some technical comments on the market: Note: We are now including charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html

The Nasdaq 100 bounced off its broken September downtrend line this morning (first chart), a good sign for the bulls. The S&P 100 is also comfortably above its downtrend line (second chart). The ability to weather a warning from a high-flyer like PMC Sierra is a big plus.

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